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Warr Acres EDA reviews TIF and incentive options for Golden Corral site, asks prospective tenant to apply
Summary
At a Nov. 25 Warr Acres Economic Development Authority meeting, consultant Jeff Sabin reviewed the city's TIF project plan and incentive policy; trustees asked a prospective Pizza Ranch franchisee to submit a full application for staff and consultant vetting before any incentives are offered.
Warr Acres’ Economic Development Authority heard a briefing Nov. 25 on tools the city can use to recruit businesses and redevelop underused properties, and directed a prospective tenant to submit a full application for vetting.
Jeff Sabin of the Center for Economic Development Law told trustees the city’s project plan contemplates four TIF districts (two activated) and carries an $8 million project budget, including $2 million for public improvements and up to $5 million for assistance and development financing. "TIF works is when you enact the TIF district...as you make projects happen within that area and the valuation increases, the taxes...applied to that increased value is captured separately and deposited into an apportionment fund that you all can use to pay the…
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